Hungary could meet euro adoption criteria by 2030, prime minister says

Hungary could realistically meet the Maastricht criteria required for adopting the euro by 2030, Prime Minister Peter Magyar said on Friday, signaling a possible pathway toward eventual membership in the eurozone.

Speaking at a news conference in Budapest following talks with the president of the Eurogroup, Magyar said that meeting the economic requirements would not automatically lead to the introduction of the common currency, as accession would also require a political decision.

"We need consultation, we need to involve people," he said, according to the Hungarian news portal 24.hu.

Magyar identified reducing Hungary's public debt as the most challenging of the convergence criteria set by the European Union for joining the euro area.

He argued that lower borrowing costs resulting from stronger market confidence could generate significant savings for the state budget.

Magyar also voiced support for adopting the euro, saying the common currency would bring greater predictability, growth and stability to the Hungarian economy.

The eurozone consists of 21 of the 27 member states that use the euro as their official currency and share monetary policy through the European Central Bank.